Statute of Limitations

STATUTE OF LIMITATIONS

A statute of limitations refers to the time in which a lawsuit must be filed after a claim recognized by the law has accrued. If a lawsuit is not filed within the specified time, the right to prosecute the claim in court will ordinarily be lost. The limitation that applies to a particular claim will depend upon the "cause of action or claim that is asserted". Consumers should consult an attorney if they have questions. There are many factors that affect the tolling of the statute.